Cyprus government to announce economic package by Wednesday the latest, Spokesman tells CNA

The Cyprus government will announce by Wednesday a package of fiscal measures to alleviate pressure ?? the economy due to the disruption causes by the coronavirus epidemic, Government Spokesman Kyriacos Koushos has told CNA.

Responding to a question why the measures were not announced during Friday`s address by the President of the Republic, Koushos said the package is ready but its total cost has not been finalized yet, adding that the package also requires permission by the European Union concerning state aid.

“The measures are almost ready, a sectoral evaluation is being carried out, and should be sent to the EU for approval,” he told CNA, adding the measures are being finalised by the Ministers of Finance and Labour and their teams.

Finance Minister Constantinos Petrides said on Thursday that the package will include a mixture of subsidies and tax relief.

On her part, Labour Minister Zeta Emilianidou said the package aims to protect jobs and the vulnerable groups of the population, adding that one of the measures will aim to subsidize the leave by employees affected by the government decision to close schools.

Source: Cyprus News Agency